In the previous session :
Bank Nifty went down by 637 points then went up by 56 points before closing lower by 205 points on Thursday.
Bank Nifty made a new life time high of 41829.60 in this upmove from the lows of 16116.25 made on 24th March
On 06th Jan :
Bank Nifty triggered our short trade with a big gap down and completed all targets still giving 200 points.
For 07th Jan :
Sustaining above 37855 enter for 37955 - 38070 - 38370 , SL 37745
Now for this week :
Bank Nifty has to break and sustain above 35625 - 35720 where it has its initial resistance for a further move towards 35965 - 36030 where it has its next resistance for the week
Bank Nifty has to break and sustain below 35335 - 35245 where it has its initial support for a further move towards 35000 - 34935 where it has its next support for the week
So far this week Bank Nifty made a high of 37862.40 breaking above next resistance zone and also completed all the expected targets till 37500 and exceeded them too . Post that in todays session Bank Nifty dipped till 37058.45 almost correcting 800 points and closed just below 37500. Now in the coming session Bank Nifty holding above 37450 can move back towards 37700 - 37850 where it has immediate resistance . Sustaining below 37350 Bank Nifty can dip again towards 37050 - 36850 .
As mentioned earlier "Bank Nifty has to give a consecutive close above 35970 to expect a further bounce ", and Bank Nifty has given a consecutive close and also moved up around 900 points to make high of 37862.40 completing all expected targets . Now holding above 37500 we may see Bank Nifty move further towards 38250 - 38500 .
Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .
Bank Nifty has now made a high of 41829.60 on 25th Oct 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18604.45 on 19th Oct 2021 from the lows of 7511 made on 24th March 2020.
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.
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